Fitch Ratings Upgrades Three Classes of DLJ 1996-CF1.Business Editors CHICAGO--(BUSINESS WIRE)--March 3, 2004 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. upgrades DLJ DLJ Distributor License for Java DLJ Donaldson, Lufkin & Jenrette Inc. DLJ Drive Like Jehu (band) DLJ Defence Laboratory Jodhpur (India) DLJ Dead Letter Journal Mortgage Acceptances Corp.'s commercial mortgage pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size , Series 1996-CF1, as follows: -- $9.4 million class B-2 to 'AAA' from 'AA'; -- $30.6 million class B-3 to 'A' from 'BB'; -- $22.3 million class B-4 to 'BB+' from 'B'. The following classes are affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. : -- $16.3 million class A-2 at 'AAA'; -- $33.0 million class A-3 to 'AAA'; -- Interest-only class S at 'AAA'; -- $30.5 million class B-1 to 'AAA'. Fitch does not rate the $19.9 million class C. Classes A-1A and A-1B have paid in full. The rating upgrades are a result of increased subordination levels resulting from a 66% paydown of the pool's certificate balance, to $162.1 million from $470.1 million at issuance. The second largest loan, Hyatt Orlando (12.6%) located in Kissimmee, FL, transferred to the special servicer in December 2001 as a result of the borrower declaring bankruptcy. The hotel closed its operations in September 2003 and is being marketed for sale. Fitch is also concerned with the increasing concentrations given that 31 loans remain from the original 93 and loans collateralized by hotel properties currently compose com·pose v. com·posed, com·pos·ing, com·pos·es v.tr. 1. To make up the constituent parts of; constitute or form: 27.5% of the pool. Fitch applied various hypothetical Hypothetical is an adjective, meaning of or pertaining to a hypothesis. See:
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